PURR jumps 15% as Hyperliquid Strategies updates $1.9 billion HYPE treasury and ‘fortress balance sheet’
Hyperliquid Strategies more than doubled its HYPE treasury to 29.3 million tokens, worth roughly $1.9 billion at fiscal year-end, after raising $647 million in equity capital.
Nasdaq-listed Hyperliquid Strategies (PURR) said it more than doubled its Hyperliquid HYPE treasury to 29.3 million tokens — valued at roughly $1.9 billion at the close of its fiscal year on June 30 — as it reported first-half fiscal results on Thursday and disclosed $647 million in equity capital raised.
The company said it has since deployed $773.4 million to acquire about 16.5 million additional HYPE at an average cost of $46.77, and spent $27.8 million repurchasing its own PURR shares. That left $132.6 million in cash as of Aug. 19, after the firm finished the fiscal year with $149.9 million in cash and no debt.
"This was the year we built the platform," CEO David Schamis said in a press release. He said the firm is building against a protocol "that is winning the parts of onchain finance that generate real fees," citing perpetuals, stablecoins, real-world assets and upcoming outcome markets that clear through a single order book and margin engine, with most of the value created returned to HYPE holders through programmatic buybacks. Schamis described the result as a "fortress balance sheet" — meaningful cash, no debt and substantially all tokens staked and earning.
Balance sheet and market reaction
Hyperliquid Strategies reported $709.9 million in net unrealized gains on HYPE tokens, partly offset by a one-time $169.2 million loss on HYPE contributed after its business combination.
PURR shares rose nearly 18% in Thursday's session, trading around $13.59, giving the company a market capitalization of about $1.8 billion. Its mNAV reached roughly 1.35x, the highest level since May. The HYPE token gained 77% in the quarter ended June 30 and is up more than 50% over the past month alone, according to The Block's price data. The token also drew attention after President Donald Trump said at an Aug. 19 press conference that he understood Mike Selig "is also working to bring Hyperliquid into the United States in a fully compliant and legal fashion."
Source: The Block